A flat tax (short for flat tax rate) is a tax system with a constant marginal rate, usually applied to individual or corporate income. A flat tax falls under proportional tax as they allow certain deductions. There are various tax systems that are labeled "flat tax" even though they are significantly different.
Read more about Flat Tax: Requirements For A Fully Defined Schema, Recent and Current Proposals
Famous quotes containing the words flat and/or tax:
“I don’t like your miserable lonely single “front name.” It is so limited, so meagre; it has no versatility; it is weighted down with the sense of responsibility; it is worn threadbare with much use; it is as bad as having only one jacket and one hat; it is like having only one relation, one blood relation, in the world. Never set a child afloat on the flat sea of life with only one sail to catch the wind.”
—D.H. (David Herbert)
“What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)